Space startups are generating jobs and boosting the space economy

The successful flight test of Vikram-1 marks a ‘historic milestone’ for India's space ecosystem, ISRO Chairman Dr V. Narayanan said on Saturday, highlighting the rapid growth of the country's private space sector and the increasing role of startups in driving the space economy.

Speaking to IANS after the successful test, Dr Narayanan said the achievement demonstrated how India's space reforms are creating new opportunities for innovation, employment and economic growth.

"Now, this is a very, very important moment for India's space ecosystem. A startup that was founded in 2018 has succeeded on its very first attempt. This is a very, very historic milestone," he told IANS.

The ISRO chief said the country's space economy has undergone a major transformation, with private companies now playing a significant role alongside the government.

"A lot is happening to improve the space economy. When startup companies like this succeed, it creates significant opportunities. For example, around a thousand people are working in this company, and ten years ago, we could not have imagined something like this," he said.

"Earlier, only the government was involved in the space sector. But today, there are around 400 startup companies, creating numerous job opportunities and driving substantial growth in the space industry," Dr Narayanan added.

He also said ISRO is making steady progress on several key national missions.

"A large number of satellites are currently under construction and being developed. Chandrayaan-4, Chandrayaan-5, and activities related to India's space station programme are all progressing well," the ISRO Chairman told IANS.

He said the growing participation of private companies is expected to further strengthen India's position as a global space power while complementing ISRO's ambitious future missions.

Earlier in the day, addressing the media after the successful orbital mission, he said developing an orbital launch vehicle and achieving mission success on the very first attempt within just eight years of the company's inception was an extraordinary accomplishment.